ADB plans to assist Vietnam with 3 bln USD loan in next three years

The Asian Development Bank (ADB) has planned to assist Vietnam with a loan totaling 3 billion U.S. dollars from 2007 to 2009, aiming to support the country's business-led and pro-poor economic growth, an official from the bank said at a press briefing here Friday.

The plan will be carried out if the Vietnamese government satisfactorily deals with problems in the equitization of state- owned enterprises, administrative reform, anti-corruption, and implementation of projects, said Ayumi Konishi, country director for the ADB's Resident Mission in Vietnam.

The plan is based on the country's investment need of 140-150 billion dollars in the 2006-2010 period focuses on business-led and pro-poor economic growth that is supported by the social equity, balanced development, and environment sustainability, he said.

It also centers on helping create enabling environment for the private sector, and supporting the improvement of governance, and control corruption, infrastructure, and financial intermediation, he said.

Besides the expected 3-billion dollar assistance, credits under the ADB's concessional loan facility, the Asian Development Fund, are expected to annually increase to about 300 million dollars from current 220 million dollars, Konishi noted, adding that the bank on Thursday approved a 15-million dollar loan to support a multi-donor program on poverty reduction in the country.

As of late last year, the ADB had offered Vietnam 55 public sector loans totaling 3.5 billion dollars, 178 technical assistance grants worth 120 million dollars, and seven private sector projects valued at 337 million dollars, the director said.

Source: Xinhua